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Multiple Choice Quiz
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1.
The phase of accounting that deals with collecting and controlling the costs of producing a given product or service is called
A)internal auditing
B)bookkeeping
C)cost accounting
D)general accounting
2.
Which of the following is a primary goal to provide managers with a clear understanding of the activities to be undertaken and completed to accomplish the company's objectives?
A)financial accounting
B)budgeting
C)auditing
D)cost accounting
3.
Allowing workers time to work for nonprofit organizations, making donations to schools, hospitals, and community projects, sponsoring community programs such as the special Olympics is a part of
A)ethics
B)regulations
C)research and development
D)social programs
4.
The recording of financial transactions and events manually or electronically is called
A)bookkeeping
B)information technology
C)reporting
D)auditing
5.
Which of the following statements is false regarding a sole proprietorship?
A)A proprietorship has only one owner.
B)A proprietorship is legally a separate entity.
C)The owner is subject to unlimited liability.
D)Income of the proprietorship is taxes on the owner's personal return
6.
External user of financial information include all of the following except:
A)Shareholders
B)Customers
C)Managers
D)Suppliers
7.
A partnership
A)is a legally separate business entity.
B)enables owners to limit their liability.
C)requires one or more owners.
D)is taxed on the partners' individual income tax return.
8.
Which of the following function is not part of financial accounting?
A)Statement preparation
B)Budgeting
C)Auditing
D)Criminal investigation (or forensic accounting)
9.
Louis Florence is the sole owner of Vision Management. He can sell or transfer his ownership to another person without affecting the operations of the business. What is the type of business organization of Vision Management?
A)Sole proprietorship
B)Partnership
C)Cooperation
D)Corporation
10.
Which of the following statements is false?
A)Private accountants are accountants who work for a single employer other than the government or a public accounting firm.
B)Public accountants are accountants who provide their services to one client.
C)Tax accountants help taxpayers comply with laws by preparing their tax returns and providing assistance with tax planning for the future.
D)External auditors perform the audit function at the request of the board of directors to protect shareholder interest.





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